Francisco Conde, the Xunta’s Deputy Vice President and Minister for the Economy, Business, and Innovation, was joined by the Treasurer and Minister for Public Administration, Valerio Martínez, and the Minister for Rural Affairs, José González, at the organisation’s inaugural meeting today

The board has nine members, including its president Francisco Conde and vice president Francisco Botas, who is also the managing director of Abanca

With a social capital of 5 million euros provided by the Xunta, Abanca, Reganosa, and Sogama, Impulsa Galicia is now open to forming new partnerships

Santiago de Compostela

May 3, 2021

Francisco Conde, the Vice President for Economic Affairs and the Minister for the Economy, Business, and Innovation, was joined by Valeriano Martínez, the Minister for the Treasury and Public Administration, and José González, the Minister for Rural Affairs, at the inaugural meeting of Impulsa Galicia, the Galician Association for the Development of Strategic Projects.  The organisation will assist in the development of initiatives included in the nominations for the Pole for the Transformation of Galicia.

It is anticipated that this pole will mobilise more than 3 billion euros in the first three years.  It includes eight initiatives that could potentially lead to Galicia producing green hydrogen, a factory that converts cellulose into textile fibres, a waste treatment centre for the production of biogas, the expansion of renewable energy, and a boost to industrial digitalisation.

Impulsa Galicia will therefore focus on ideas that have the potential to transform their sector and that have an impact on production, employment, and the region itself, while also having a “tractor” effect on the production network with the ultimate goal of boosting the digital and ecological transformation of the autonomous community.

One of the organisation’s priorities will be to improve the capillarity and the multiplier effect of this funding, with SMEs at the centre of this strategy. It will assist in the search for investors for the development of projects and provide consulting services to improve the professionalism and consolidation of new businesses, including legal, financial, administrative, commercial, industrial, and management support.  The organisation will act as a driving force and evaluate projects in accordance with their impact on value chains in production sectors.

Impulsa will improve Galicia’s chances when it comes to securing the Next GenerationEU funding.  The autonomous community currently has 354 initiatives with the potential to mobilise 20 billion euros in investment.   The ideas are based on three key principles: including SMEs; making R+D a transversal concept; and fostering collaboration between the public and private sectors.

Impulsa has 5 million euros of founding capital behind it, with 40% provided by the Xunta de Galicia, 38% provided by Abanca, 12% provided by Reganosa, and 10% by Sogama, and is open to forming new partnerships.  The board has nine members: the office of president will be held by Francisco Conde. Francisco Botas, the managing director of Abanca, will serve as vice president. The other board members are Galician government ministers Valeriano Martínez and José González; the CEO of Reganosa, Emilio Bruquetas; board secretary and director of corporate governance and legal affairs at Abanca José Eduardo Álvarez-Naveiro; former president of the Xunta and Professor of Applied Economics at the University, Fernando González-Laxe; and Professor of Applied Economics at the University of Vigo, Santiago Lago Peñas. Eduardo Cortizo, the Head of Legal Advice at Abanca, will serve as board secretary.